Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described items
below. Record in the space provided at the bottom of this spreadsheet. After completing journal entries, complete the
adjusted trial balance below. Lastly complete the income statement, balance sheet and statement of retained earnings.
The balance sheet must balance. The accounting equation is Assets = Liabilities + Equity.
	Baltimore Corporation
	Unadjusted Trial Balance
	January 31, 2016
			Debits		Credits
		Cash	$37,500		$-
		Accounts receivable	12,410		-
		Prepaid insurance	2,400		-
		Supplies inventory	7,113		-
		Equipment	35,000		-
		Accumulated depreciation	-		10,000
		Accounts payable	-		7,569
		Salaries payable	-		-
		Interest payable	-		-
		Unearned revenue	-		8,500
		Loan payable	-		11,500
		Capital stock	-		25,000
		Retained earnings, Jan. 1	-		15,457
		Revenues	-		43,995
		Depreciation expense	-		-
		Interest expense	-		-
		Insurance expense	-		-
		Office expense	2,500		-
		Rent expense	13,000
		Salary expense	12,098		-
		Supplies expense	-		-
		Utilities expense	-		-
			$122,021		$122,021
1		Belair Corporation's equipment had an original life of 140 months, and the straight-line depreciation method is used.
		As of January 1, the equipment was 40 months old. The equipment will be worthless at the end of its useful life.
2		As of the end of the month, Belair Corporation has provided services to customers for which the earnings process is complete.
		Formal billings are normally sent out on the first day of each month for the prior month's work. January's unbilled work is $25,000.
3		Utilities used during January, for which bills will soon be forthcoming from providers, are estimated at $1,500.
4		A review of supplies on hand at the end of the month revealed items costing $3,500.
5		The $2,400 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30.
6		The unearned revenue was collected in December of 2014. 60% of that amount was actually earned in January, with the remainder to be earned in February.
7		The loan accrues interest at 1% per month. No interest was paid in January.
8		At month end, salaries of $2,120 have been earned but not paid.
JE #		ACCOUNT			DEBIT		CREDIT
1		Depreciation Expenses			250
		Accumulated Depreciation					250
2		Accounts recievable			25,000
		Revenues					25,000
3		Utilities expense			3,500
		Accounts payable					3,500
4		Supplies			3,500
		Supply expensives					3,500
5		Insurance expense			2,400
		Prepaid expense					2,400
6		Unearned revenue			5,100
		revenue					5,100
7		Interest expense			115
		Interest payable					115
8		Salary expense			2,120
		Salaries payable					2,120
	Baltimore Corporation
	Adjusted Trial Balance
	January 31, 2016
			Debits		Credits
		Cash
		Accounts receivable
		Prepaid insurance
		Supplies inventory
		Equipment
		Accumulated depreciation
		Accounts payable
		Salaries payable
		Interest payable
		Unearned revenue
		Loan payable
		Capital stock
		Retained earnings, Jan. 1
		Revenues
		Depreciation expense
		Insurance expense
		Interest expense
		Office expense
		Rent expense
		Salary expense
		Supplies expense
		Utilities expense
			$-		$-
	Baltimore Corporation
	Income Statement
	For the month ended January 31, 2016
		Baltimore Corporation
		Balance Sheet
		January 31, 2016
		Baltimore Corporation
		Statement of Retained Earnings
		As of January 31, 2015